Investors are worried this escalation could spread to an all-out war in the region. This is obviously having a greater impact on Brent oil prices, compared to West Texas Intermediate (WTI) oil prices, due to the regional proximity of the situation.
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New York, NY (PRWEB) October 24, 2012
Sasha Cekerevac, financial expert and contributor to Profit Confidential, reports that the significant level of volatility in oil prices is a result of the recent breakout of hostilities between Turkey and Syria, including the latest incident on October 10 when Turkey forced down a Syrian plane—seizing what they believe was military equipment from Russia—and Syria warned Turkey that it will use increased levels of force if such actions are repeated in the future.
Cekerevac notes that this follows several days of artillery attacks across the border between Syria and Turkey.
“Investors are worried this escalation could spread to an all-out war in the region,” says Cekerevac. “This is obviously having a greater impact on Brent oil prices, compared to West Texas Intermediate (WTI) oil prices, due to the regional proximity of the situation.”
In the article “Is the Easy Money Over for Oil?,” Cekerevac highlights that there also remains high tension between Israel and Iran.
“For the time being, Israel most likely won’t attack Iran due to a potential upcoming election,” reasons Cekerevac. “Benjamin Netanyahu, the Prime Minister of Israel, is ready to bring forth a proposal to dissolve the parliament and to set elections for late January.”
Cekerevac does note, however, that oil prices have recently moved up on comments from senior members of the Israeli political sphere that Iran is close to developing nuclear weapons.
According to the Profit Confidential expert, all of these cross-currents are making the analysis of the oil market that much more complex; with the easy analysis completed, oil prices are in the range that makes predicting future movements via technical analysis difficult, concludes Cekerevac.
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